TITLE:
Chemical Industry and Chemist’s Jobs after the COVID-19 Pandemic: A Long-Term Prediction of Employment Outlook for Chemical Professionals
AUTHORS:
Sujata Guha, Kaleh Karim, Ryan Beni
KEYWORDS:
Chemists Jobs, Chemical Industry, COVID-19 Pandemic, Coronavirus, Unemployment, Recession, Jobs
JOURNAL NAME:
Voice of the Publisher,
Vol.6 No.3,
September
4,
2020
ABSTRACT: In March
2020, the whole world was impacted by the ripple effects of COVID-19 and was in
the midst of battling this infectious disease. A global pandemic caused by a
microscopic enemy, which outbroke in Wuhan, China, quickly spread, bringing the
world’s largest economies to a halt. As a consequence, the financial
infrastructures of several countries have been severely damaged. In just 3 weeks,
unemployment claims surpassed 16 million in the United States alone, which
soared to over 40 million by the end of May 2020. This accounts for a jobless
rate of over 24%, a record high in history. Production of chemicals that go
into construction and consumer uses trended down in March, and continued
plummeting downward in the following months. The chemical manufacturing sector
showed a slight drop in employment rate. It is important to understand these
broad trends in the demand for chemicals and unemployment in chemistry in the
coming months and years. In an economic downturn, fewer people buy new houses
and new cars, which decreases the demand for the chemicals that go into
manufacturing them. The dramatic drops in the stock market will also affect the
pharmaceutical sector. It may become harder for small biotech firms to raise
money from investors and seed new positions in start-ups. For major chemical
and pharmaceutical companies, if stock prices and quarterly results suffer, we
may begin to see layoffs—a reversal of the hiring trends of the past few years.
Academia will be affected as well. For many universities and colleges, the
sudden disruption in the academic structure of the Spring 2020 semester is
having an immediate financial impact. Hiring freezes have begun. However, the
effects of the economic downturn on new tenure-track positions won’t be clear
until early Fall. In this article we have investigated the worldwide effects of
major wars and global recessions on the chemical industry. We have analyzed the
effects on job market trends to achieve a comprehensive long-term prediction of
employment outlook for chemical professionals. In this regard, we have compared
the Great Depression, World War II, Cold War, and other recession periods to
predict a 10-year pattern after each event. The current impacts of COVID-19 on
manufacturing jobs, faculty positions, hiring freezes, and student graduation
due to university closures have also been evaluated. Strategies for maximizing
job opportunities during the current pandemic have been provided.